Comment on ‘Monetary Policy Co-ordination in an Asymmetrical World: Future Prospects for the USA and Europe’ by Elias Karakitsos
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Elias Karakitsos has written a rich and stimulating chapter which in view of many of the properties underlying his model — among them the non-linearity, the representation of Europe by four countries (Germany, France, UK and Italy) rather than by one country only and the five-years time horizon — helps to improve our knowledge about the gains from macroeconomic policy co-ordination and their international distribution.
KeywordsExchange Rate Interest Rate Welfare Gain Welfare Cost International Distribution
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- Frankel, Jeffrey A. and Katherine Rockett (1988) ‘International Macroeconomic Policy Coordination when Policymakers do not agree on the true Model’, American Economic Review, vol. 78, June, pp. 318–40.Google Scholar